Crackdown on Speculators and Housing Supply... Seoul City Launches Two-Track Strategy for 'Housing Market Stabilization'

On-site Inspection Teams Deployed in Three Gangnam Districts
Daily Monitoring of Price Trends
About 70,000 Units Supplied Over Two Years
Concentrated Supply in Southeastern Seoul

The Seoul Metropolitan Government plans to strengthen crackdowns on real estate speculation forces and supply about 70,000 new apartments by next year to fully stabilize the housing market.

On the 14th, Seoul announced that since last week, joint on-site inspection teams from the city and autonomous districts have been deployed in major areas including the three Gangnam districts, Mapo, Yongsan, and Seongdong districts to crack down on illegal activities.

These areas have shown signs of rising housing prices after the lifting of land transaction permit zones. The city took these measures to prevent speculation and disruptive demand inflows in the housing market.

If illegal activities are detected, investigations will be requested and the National Tax Service will be notified for a strong response. Currently, the city is monitoring the market situation by tracking daily transactions and price trends.

View of apartment buildings in downtown Seoul from Inwangsan Mountain, Seoul. Yonhap News

Additionally, the city aims to stabilize the housing market through steady housing supply. From this year through 2026, the city forecasts apartment move-in volumes across Seoul to total 71,000 units. The supply volumes for this year and next year are 47,000 units and 24,000 units respectively. This exceeds the 69,000 units supplied over the past two years.

For new apartments scheduled for supply this year, 32,000 units will be supplied through redevelopment projects and 15,000 units through non-redevelopment projects. The 24,000 units planned for 2026 will be supplied through redevelopment and non-redevelopment projects with 13,000 units and 11,000 units respectively.

By region, 30.9% (14,000 units) of the move-in volume scheduled for this year is concentrated in the four southeastern districts (Gangnam, Seocho, Songpa, and Gangdong). Major move-in complexes with over 100 units include Maple Xi in Sinbanpo 4 District (3,307 units), Jamsil Raemian I-Park (2,678 units), Jamsil Le L (1,865 units), and Cheongdam Le L (1,261 units).

The city expects that housing supply will have a positive impact on stabilizing housing prices in Seoul’s southeastern area. Moreover, with large-scale complex move-ins scheduled for November (8,593 units) and December (5,213 units), a stable supply of rental properties is expected in the rental market through the first half of next year.

In 2027, depending on the pace of project progress, new move-in volumes are expected to recover to the five-year average of redevelopment projects (25,000 units). The currently anticipated move-in volume is 23,000 units. Since the city has temporarily relaxed floor area ratios for small-scale buildings in second- and third-class general residential areas for three years, an increase in supply is expected due to the activation of small-scale redevelopment and reconstruction projects.

Furthermore, the city plans to focus on progress management to ensure that projects in 62 redevelopment zones under construction proceed smoothly. The city will manage progress monthly for projects not yet started to ensure that 33,000 units in 2024, and 23,000 units and 34,000 units in 2026 and 2027 respectively, begin construction without delay.

Kim Seong-bo, Deputy Mayor for Administration of Seoul, stated, "Considering the recent housing market situation, we will meticulously manage the progress of redevelopment projects to ensure timely supply of quality units," adding, "We will make every effort to prevent any setbacks in housing supply."